Recent Updates

  • Euro area: Flash Consumer Confidence (Apr)
  • Ireland: Producer & Wholesale Price Indexes (Mar)
  • UK: Capital Issuance (Mar)
  • Spain: Trade in Constant Prices, Trade in Goods (Feb)
  • Germany: Federal Budget, PPI, Monthly Tax Revenue (Mar), Short-term Indicator (Feb), Public Sector Finance (Q4)
  • Colombia: Imports (Feb); Brazil: IPCA-15 (Apr)
  • Turkey: Non-Domestic PPI, House Sales, Central Government and Domestic Debt by Instrument, External Debt by Lender, Domestic
  • more updates...

Economy in Brief

U.S. New Home Sales Advance But Prices Retreat
by Tom Moeller  October 24, 2012

The new home sales market reached a two year high last month. New home sales in September rose 5.7% to 389,000 (SAAR) from 368,000 during August, revised from 373,000. The gain beat Consensus expectations for 382,000 sales. The latest was the highest level since April 2010, just before the home buyers tax credit expired. Home sales in the South paced the m/m increase with a 16.8% (24.3% y/y) rise. That was followed by a 16.7% (75.0% y/y) rise in the Northeast and a 3.9% (62.1% y/y) gain the West. New home sales in the Midwest fell by roughly one-third m/m (-31.9% y/y).  

The median price of a new single family home slipped 3.2% to $242,400 (+11.7% y/y) while prices in prior months were revised lower. The average price slipped to $292,400 (14.5% y/y) during September.

The length of time to sell a new home fell sharply m/m to 6.5 months in September. The inventory of unsold homes at 145,000 (-9.4% y/y) ticked up m/m from the all time low. This is a 4.5 month supply at the current sales rate, the lowest since late-2005.

The data in this report are available in Haver's USECON database. The consensus expectation figure is from the Action Economics survey and is available in the AS1REPNA database. 

U.S. New Home Sales Sep Aug Jul Y/Y % 2011 2010 2009
Total (SAAR, 000s) 389 368 373 27.1 307 321 374
Northeast 35 30 31 75.0 21 31 31
Midwest 32 51 53 -31.7 45 45 54
South 215 184 184 24.3 169 173 202
West 107 103 105 62.1 72 74 87
Median Price (NSA, $) $242,400 $250,400 $236,700 11.7 224,317 221,242 214,500
close
large image